CPEC carries enormous potential for Pak, Gulf: Aziz

Islamabad, Dec 13 (PTI) Pakistans top diplomat today said the USD 46-billion China-Pakistan Economic Corridor (CPEC) project carries enormous economic potential not only for the country but for different regions, including the Gulf.

The Prime Ministers Adviser on Foreign Affairs Sartaj Aziz made the remarks while addressing the inaugural ceremony of a three-day conference on China-Pakistan Economic Corridor and the Region Integration here.

Aziz said apart from connectivity, the ambitious project will help Pakistan overcome energy shortages, Radio Pakistan reported.

Highlighting the challenges to the project, which runs through Pakistan-occupied Kashmir and has led to concerns in India, Aziz said some detractors are not happy but steps have been taken to ensure security of the Chinese personnel engaged in execution of different projects under the umbrella of CPEC.

He was confident that the CPEC has the element to make Pakistan self-reliant in various spheres.

Many of the multi-dimensional power projects of the CPEC are under implementation phase which will add about 17,000 megawatts of electricity to the national grid, Aziz said.

"About six to seven thousand megawatts will come in the system in the next two years time. Overcoming the energy shortages will also help enhance our GDP growth which is expected to move to five percent this year," he said.

The CPEC project was launched in early 2015 to link China with the Arabian Sea through Pakistan by building a network of roads, railways, energy parks and industrial zones.

Aziz also clarified that China is investing USD 36 billion in these power plants and providing soft loans for infrastructure development. Given the terms, these loans will not increase debt liability.

He, however, emphasised the need for diversifying the countrys exports. He said Pakistans private sector and entrepreneurs should be "more forthcoming to bring value addition" in the industrial parks to be set up in each province under the project.

"We also have to reorient our training programmes in order to meet the work force demand in the industrial parks," he said. PTI SH ABH

This is unedited, unformatted feed from the Press Trust of India wire.

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